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Armata Pharmaceuticals Announces $45 Million Investment to Support Advancement of the Company's Bacteriophage Development
MARINA DEL REY, Calif., Feb. 9, 2022 /PRNewswire/ -- Armata Pharmaceuticals, Inc. (NYSE American: ARMP) ("Armata" or the "Company"), a biotechnology company
About this update from Innoviva, Inc.
[{"type":"text","content":"MARINA DEL REY, Calif., Feb. 9, 2022 /PRNewswire/ -- Armata Pharmaceuticals, Inc. (NYSE American: ARMP) (\"Armata\" or the \"Company\"), a biotechnology company focused on pathogen-specific bacteriophage therapeutics for antibiotic-resistant and difficult-to-treat bacterial infections, today announced that it has entered into a securities purchase agreement to sell Armata common stock and warrants to Innoviva Strategic Opportunities LLC, a wholly-owned subsidiary of Innoviva, Inc. (Nasdaq: INVA) (collectively, \"Innoviva\"), Armata's largest shareholder. The gross proceeds to the Company from the transaction are expected to be $45 million, before deducting estimated offering expenses payable by the Company.\n\n \n \n \n \n \n \n\n \nArmata intends to use the net proceeds from this transaction to advance its clinical pipeline and strengthen its bacteriophage platform. The clinical pipeline is led by AP-PA02, currently under evaluation in the 'SWARM-P.a.' trial as a novel therapeutic to treat chronic Pseudomonas aeruginosa infections in people with cystic fibrosis. A second study, 'diSArm', is evaluating AP-SA02 in patients with complicated Staphylococcus aureus bacteremia. The bacteriophage platform efforts include engineering phage for improved attributes and the planned build-out of a phage-specific GMP manufacturing facility.\n\"We are grateful to Innoviva for the strong vote of confidence in our Company and our technology that this investment represents,\" said Brian Varnum, Chief Executive Officer of Armata. \"Innoviva's long term support has powered the clinical development of AP-PA02 and AP-SA02. This financing also enables us to commit to new clinical indications for these lead product candidates, including non-cystic fibrosis bronchiectasis and prosthetic joint infections,\" Dr. Varnum concluded.\nPursuant and subject to the terms and conditions of the securities purchase agreement and related agreements, Innoviva will purchase 9.0 million newly issued shares of Armata's common stock, at a price of $5.00 per share, and warrants to purchase up to 4.5 million additional shares of Armata's common stock, with an exercise price of $5.00 per share. The stock purchases are expected to occur in two tranches. Upon execution, Innoviva purchased approximately 3.6 million shares of common stock and warrants to purchase approximately...